Oil prices reversed earlier losses on Friday as fears that escalating conflict in Libya could disrupt oil supplies from the OPEC member outweighed trade concerns. Brent crude futures rose 34 cents to $69.74 a barrel by 1405 GMT, having touched $70.03 in the previous session, its highest since Nov. 12. U.S. West Texas Intermediate (WTI)
Saudi Arabia will work with OPEC and non-OPEC members to help stabilize oil markets, it said on Thursday a month ahead of an informal meeting of major producing countries in Algeria. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum (IEF), which groups producers and
By Anas Alhajji… The Organization of the Petroleum Exporting Countries is dead. Saudi Arabia killed it. Now, OPEC is just a toothless zombie, attracting attention, but without having any impact on the living. Few have noticed OPEC’s demise for a simple reason: it never really had the impact that it was widely perceived to have.
By Gaurav Sharma… Towards the middle of the current trading year, a glut ridden oil market had started showing some signs of rebalancing. Decline in US oil production was being reflected in the data, much to the delight of the Organization of Petroleum Exporting Countries (OPEC). So when the oil producers’ collective met at its
By Stephen Kuria and Bernard Ayieko… The oil and gas market has been shaken and stirred by a raging storm. Some multinationals are actually abandoning the rigs, especially offshore ones. The US rig count has gone down by 31 to 760 on a month-by-month count. In some cases, exploration programmes have been put on the
By agencies… Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to
As Crude oil prices continue to slide on the global oil market, the Organisation of Petroleum Exporting Countries (OPEC) has expressed Optimism on the performance of the market saying that the world oil demand will increase in the Second half of 2015 and 2016. OPEC made the observations in 167th Extra ordinary meeting held in
As oil market players continue to forge way forward for the low crude oil prices, a ray of hope lingered on market today as prices were hiked according to the latest United States Stockpile report. According to Bloomberg, US benchmark West Texas Intermediate (WTI) for July delivery rose 21c to $57.72 while Brent crude for July